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Another Merrill Lynch advisor heads to RBC

RBC recently announced that another advisor from Merrill Lynch has joined the firm, marking the third advisor to leave the wirehouse for RBC in just one week.

Felipe Blanco, who managed $213 million in assets at his former firm, joined RBC the last week of August. Joseph Chu and Christopher Phillips, who managed $426 million at Merrill Lynch, left for the regional broker-dealer that same week, according to FINRA BrokerCheck.

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An RBC sign is displayed in the financial district in Toronto, Ontario, Canada on Wednesday July 18, 2012. The Bank of Canada said consumers and business investment will lead modest economic growth through 2014 while weaker global demand curbs exports that are having the weakest recovery since World War II. Photographer: Brent Lewin/Bloomberg

In a statement, Blanco stated he decided to leave Merrill because RBC offered better growth opportunities for his business.

“After careful consideration, I made the decision to join RBC Wealth Management in Miami because of the firm’s commitment to growing in the U.S., as well as its commitment to helping me grow my business,” he said.

Blanco did not respond to a request for further comment.

RBC reached an advisor head count of 1,824 in the third quarter, according to the firm. David McKay, CEO of RBC, attributed the advisor growth to three factors.

“Advisor trust, a strong distribution network and strong product performance are the key,” said McKay, on RBC’s third-quarter earnings call with investors.

Blanco is joining RBC’s branch in Miami. He has 15 years of experience in the industry, the last six of which he spent at Merrill Lynch, according to FINRA BrokerCheck.

A Merrill Lynch spokeswoman did not respond to an immediate request for comment.

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